On Tuesday, Facebook Inc announced its own digital currency and called it Libra. With hopes to shake the world's banking system, the social networking giant aims to make the currency available to billions of its users to make financial transactions across the globe.

Facebook said that Libra will also become a means to connect those without access to traditional banking platforms. Although, the company has over 2.4 billion users on its platform, analysts say it is likely to face tight scrutiny amid privacy scandals.

Transactions using the digital currency will be made available on a standalone Libra app as well as over WhatsApp and Facebook Messenger platforms by as early as 2020.

Additionally, Facebook has also created a subsidiary called Calibra, which would offer digital wallets to save, send and spend Libras. This wallet will be connected to FB Messenger and WhatsApp.

David Marcus, a former PayPal executive who heads the digital currency project for Facebook, said that the name "Libra" was inspired by Roman weight measurements, the astrological sign for justice and the French word for freedom.